Electric truck-maker Rivian, which is building its trucks in Normal, Illinois, said it raised $2.5 billion in financing.
The financing round was led by by T. Rowe Price Associates, Inc. with participation from Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, Baron Capital Group, as well as from existing shareholders Amazon and funds managed by BlackRock.
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products,” said Rivian Founder and CEO RJ Scaringe, in a statement.
Rivian will build its electric pickup truck in a 2.6-million-square-foot manufacturing plant in Normal, Illinois that it bought from Mitsubishi for $16 million in 2017. The company also has development centers in Plymouth, Michigan.; San Jose, California; Irvine, California; and Surrey, England.
This is the fifth round of financing for the company in the past few months.
In December, it raised $1.3 billion in a funding round with money coming from Ford Motor Co., Amazon.com Inc. and others.
In February 2019, Rivian raised $700 million in a funding round led by Amazon (Nasdaq: AMZN). In April 2019, Ford Motor Co. (NYSE: F) said it was investing $500 million in Rivian. And in September 2019, Cox Automotive, the automotive arm of Cox Enterprises, said it’s invested $350 million into Rivian.
Also in September 2019, Amazon said it would buy 100,000 electric delivery trucks from Rivian, the truck company’s largest order ever.
The company has two launch products — the R1T truck and the R1S sport utility vehicle — and the company says both will deliver up to 400 miles of range from an electric charge.